On May 10, 2020, Marigold Co. enters into a contract to deliver a product to Greig Inc. on June 15, 2020. Greig agrees to pay the full contract price of $2,080 on July 15, 2020. The cost of the goods is $1,330. Marigold delivers the product to Greig on June 15, 2020, and receives payment on July 15, 2020. Prepare the journal entries for Marigold related to this contract. Either party may terminate the contract without compensation until one of the parties performs. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter 0 for the amounts.)

Date Account Titles and Explanation Debit Credit

choose a transaction date enter an account title to record contract entered into enter a debit amount enter a credit amount

enter an account title to record contract entered into enter a debit amount enter a credit amount

(To record contract entered into)

choose a transaction date enter an account title to record sales enter a debit amount enter a credit amount

enter an account title to record sales enter a debit amount enter a credit amount

(To record sales)

enter an account title to record cost of goods sold enter a debit amount enter a credit amount

enter an account title to record cost of goods sold enter a debit amount enter a credit amount

(To record cost of goods sold)

choose a transaction date enter an account title to record payment received enter a debit amount enter a credit amount

enter an account title to record payment received enter a debit amount enter a credit amount

(To record payment received)